The dollar rose after declining over the last two days. This comes with global stock markets returning to a sputtering price action following a two-day bounce. News that new coronavirus cases in China have doubled over the last day, and that a city in the north of the country went lockdown, just a day after Wuhan, where the pandemic originated, ended its two-month lockdown, spooked investors.
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The dollar has rallied across the board after declining over the last two days. This comes with global stock markets returning to a sputtering price action following a two-day bounce. News that new coronavirus cases in China have doubled over the last day, and that a city in the north of the country went lockdown, just a day after Wuhan, where the pandemic originated, ended its two-month lockdown, spooked investors.
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The Dollar headed mostly lower in N.Y. on Tuesday, after nearly a week of gains. Risk-on conditions prevailed, as the pandemic appears to be flattening out in some places. Wall Street took that as a positive, and rallied through much of the session, though a slide in oil prices due to the EIA cutting 2020 price forecasts saw stocks pare gains late in the session.
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Currencies have remained in a risk-on directional formation, with commodity and many developing-world currencies outperforming while the dollar, yen and, to a lesser extent, the Swiss franc underperform. This comes with equity markets amid day two of a rally pinned on tentative signs that the global coronavirus infection and mortality rates might be near to peaking.
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The commodity currencies outperformed some more, as did many developing-world currencies amid a backdrop of rising stock and commodity markets. Equity markets are amid day two of a rally pinned on tentative signs that the global coronavirus infection and mortality rates might be near to peaking.
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The Dollar was slightly higher overall in N.Y. on Monday, taking the DXY to eight-session highs of 100.93. Signs of pandemic "curve flattening" were reported around the world, including in hard-hit New York, which supported the Dollar, and saw Wall Street rally near 6%, and Treasury yields head higher.
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The yen has underperformed and commodity currencies have rallied strongly out of early weakness as a risk-on theme took hold in markets. Stock markets rallied in Asia and Europe, as did U.S. equity index futures ,on tentative signs in some locked-down countries in Europe that the coronavirus spread is being pushed from an exponential rate towards a linear rate, and with both France and Italy reporting a dip in the mortality rate.
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Commodity currencies have rallied out of early weakness as a risk-on theme took hold in markets, with Asian stock markets and U.S. and European equity index futures rallying on tentative signs in some locked-down countries that the coronavirus spread is being pushed from an exponential rate towards a linear rate, and with both France and Italy reporting a dip in the mortality rate.
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The Dollar headed to near or at highs of the week against the Euro, Pound and Yen on Friday. The DXY printed seven-session highs of 100.85, though trading ranges were confined. Save-haven flows into the USD were maintained this week, coming despite the horrendous jobless claims on Thursday, and the much worse than expected employment report on Friday, which saw non-farm payrolls fall 701k.
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The dollar has outperformed so far today amid a backdrop of souring risk appetite in global markets, with bellwether European stock indices and S&P 500 futures showing losses of about 1%. Oil prices have been choppy following yesterday's massive 24% rally, but have remained below yesterday's highs.
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